Hennessee Hedge Fund Index
Hennessee Hedge Fund Index Rose 6.75% in October 2010
Private investments in public equities and private financing funds led the way in October, rising 3.71% on the month (7.61% year-to-date). Financial equities and international funds also enjoyed strong returns, adding 3.48% (5.51% YTD) and 3.37% (9.24% YTD), respectively.
"The financial markets continued to rally as the companies reported solid earnings and the Fed announced an additional round of quantitative easing. Hedge funds posted strong positive performance, but lagged traditional benchmarks due to conservative exposure levels and losses from hedges,” Hennessee co-founder Charles Gradante said. “Arbitrage, event-driven and credit strategies continue to drive gains, outperforming long/short equity strategies for the month and year-to-date."
All three of Hennessee's major hedge fund strategy meta-indices posted big gains on the month, led by global macro funds at 2.4% (6.87% YTD). Arbitrage and event-driven funds were up 1.97% (9.33% YTD) and long/short equity funds 1.72% (5.36% YTD). Source